Charleston, W. Va. — After months of debate among U.S. Senate Democrats about getting a legislative package to pass through Congress, senators on Sunday introduced legislation that would address Democratic policy goals including health care, climate change and energy. Passed.
The Chamber of Commerce approved the Inflation Reduction Act by a vote of 51 to 50, in line with party line. Vice President Kamala Harris had a tie vote.
Senator Joe Manchin, DW.Va. — Senate Majority Leader Chuck Schumer (DY — voted YES on the bill. Senator Sherry Moore Capito (RW.Va.), a Republican I opposed the bill with my colleagues.
The bill put an end to the Senate fuss about getting all Democrats to endorse a domestic policy package. Manchin, a moderate within his party, voiced his opposition to the $1.8 trillion bill in December last year. Mr Manchin later told reporters that he “never walked away” from his efforts to reach an agreement with Mr Schumer on a legislative package.
“I spent years working to determine the most effective ways to increase domestic energy production, reduce energy and health care costs, and pay off the national debt without increasing the cost of working Americans. The Inflation Reduction Act is the result of that, and we are proud that the Senate passed this bill, which has hit families in West Virginia and America hard. It will lower the inflation tax,” Manchin said after the vote.
The measure includes provisions that give Medicare the power to negotiate the price of prescription drugs, while limiting annual out-of-pocket costs to $2,000. The price of insulin for Medicare patients will be capped at $35. The Senate failed to approve an amendment to limit the costs of private insurance companies. Capito and his 42 other Republicans opposed the amendment. Senators ruled on Saturday against including language that would penalize companies for raising drug prices faster than inflation.
This action extends the Affordable Care Act subsidies for health insurance plans for three years. Federal officials estimate that about 23,000 West Virginians will face higher premiums if Congress doesn’t take action by the end of the year.
Funds will be allocated to consumer energy rebates, investments in greenhouse gas reductions, and the development of clean energy technologies. Coal and natural gas facilities will receive loan guarantees to improve infrastructure and increase site efficiency, and clean energy companies will receive tax credits to develop sites in areas affected by coal declines. I am eligible. The law includes tax credits for creating a hydrogen energy hub. Manchin and Capito have driven the development of such sites in West Virginia.
As part of the package deal, Manchin and congressional leaders agreed to consider changes to the permitting process when the Senate resumes work in September. Democrats in West Virginia pitched the inclusion of the completion of the Mountain Valley Pipeline. The Mountain Valley Pipeline is a 303-mile system capable of transporting natural gas from West Virginia to Southern Virginia.
The package will benefit from a 15% minimum corporate tax, allow Medicare to negotiate drug prices, and enforce existing tax laws. Democrats argue that the bill would not affect the taxation of Americans earning less than $400,000 a year. Manchin and Schumer removed language closing tax loopholes for hedge fund managers to secure the support of centrist Sen. Kirsten Cinema of Arizona. Cinema and his six other Democrats joined Republicans on Sunday in supporting an amendment that would exempt some businesses from the minimum corporate tax.
Estimates on package notes put $300 billion in deficit reduction.
This package establishes permanent funding for the Black Lung Disorder Trust Fund. Congress failed to extend the funds before they expired last year. The excise duty on underground coal will be $1.10 per ton and the tax on surface coal will increase to 55 cents per ton.
Senators considered multiple amendments during a 15-hour voting period that began late Saturday night. Lawmakers were unable to move forward with most of the proposals, considering her 50-50 split in the House. Senator Bernie Sanders, I-Vt. — Meeting with Senate Democrats — Proposed multiple amendments, including language that expands Medicare coverage and requirements on how the program covers the cost of prescription drugs. Capito removed his $45 million to address greenhouse gas emissions, and he introduced two amendments enacting permit changes. The Senate did not approve either proposal.
After Sunday’s vote, Capito said the package would “increase taxes on working families, kill the coal industry in West Virginia, and allow the IRS to spend more time snooping around Main Street.”
“In a time of record inflation, it is inexplicable that they would repeat the mistakes of massive overtaxation, overspending and overregulation that have already pushed us into recession,” she said. Through the Senate Democrats’ short-sighted process to push through a bill that is unconventional, I have spent a great deal of my time and energy exposing harmful provisions of this partisan bill, while also proposing a bipartisan solution. Unfortunately, families, employers and workers in West Virginia already know they will soon be burdened by this premature and avoidable mistake.”
Economists estimate that the measure will have minimal impact on inflation. The related rate he reached 9.1% in June.
The House will return from its August recess on Friday to consider an inflation-cutting bill. President Joe Biden on Sunday urged the Democratic-controlled House of Representatives to pass the package.
